Should Iceland join the European Union?

Seminar paper from the year 2011 in the subject Economics - Macro-economics, general, grade: 1,1, Berlin School of Economics and Law, language: English, abstract: To join, or not to join?: That is the question! Within this paper I will try to find out if Iceland would, indeed, be better off ¿staying out of the European Union¿, as Iceland¿s Minister of Finance Steingrímur J. Sigfússon stated (WSJ Europe 05.05.2011), or joining in, as Iceland¿s Prime Minister Johanna Sigurdardottir favours. I will first have a look at the current - economic - situation of the island nation (in context with its latest developments), leaving the detailed examination of the accession controversy for the main part. There, I will analyse the potential advantages and disadvantages that would arise for Iceland with the EU-membership.